When GST comes, petrol 75 and diesel will be Rs 68 - SBI report


Posted on 6th Mar 2021 02:59 pm by rohit kumar

Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.

 

Petrol and diesel fall in GST, 0.4% loss to GDP

 

Did you know?Explore Trending and Topic pages for more stories like this.

Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.

 

Saudi Arabia turned down India's request

 

Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.

 

Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.

2 Like 0 Dislike
Previous news Next news
Other news

NASA's Space-X Crew-6 mission postponed: Rocket engine malfunctioned 2 minutes before launching, now will fly tomorrow at 12:15 pm

The launch of NASA's Space-X Crew-6 mission has been postponed. According to reports, the launch

22 river monitoring stations across the country recorded a severe flood situation. The Agriculture Ministry to submit a report on the Punjab disaster to the PM

The Central Water Commission on Friday said that 22 river monitoring stations across the country,

IND vs ENG Playing-11: Suspense on Virat Kohli's playing in the first ODI against England, this may be the playing-11 of both the teams

After the T20 series between India and England, the ODI series will start today. The first match

Financial Planning: How should be your financial planning in the new financial year, know the expert opinion

The current financial year is about to end and now from April 1, we will step into the new financ

RG Kar Case: Why did the court say this is not the 'rarest of rare case', know the highlights of the decision in the RG Kar case

Sanjay Roy, the beast who raped and murdered a female doctor at RG Kar Medical College, will rema

Article 370: Security tightened in Jammu and Kashmir before 'Supreme' decision, ban on convoys of security forces in the valley

Security has been beefed up in Srinagar ahead of the Supreme Court's decision on petitions challe

Railways learned a lesson from the stampede at New Delhi station, and successfully tested crowd control measures.

Railways on Saturday successfully tested crowd control measures at New Delhi Railway Station. Und

PM Modi's Assam Visit: PM Modi's fourth visit to Assam in the last four months, to unveil projects worth ₹47,000 crore.

Assembly elections are approaching in Assam. Prime Minister Narendra Modi will embark on a two-da

RR vs LSG: Rajasthan Storms In and Crushes Opponent; Pant's Lucknow Team Registers Embarrassing Record

For the first time in the ongoing IPL season, the Lucknow Super Giants’ pace battery appear

Afghanistan Crisis: What are China, Russia, and Pakistan's gesture towards the Taliban? Will India's troubles increase?

Disaster in the neighborhood is never good. A line from an official of the Ministry of External A

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash